The cereal bar market is projected to grow at a CAGR of 3.9% during the forecast period of (2019-2024).
- Cereal bars are being consumed as replacements for breakfast bars. Cereal bar-producing companies are offering several tailor-made products, which are not only nutritious and beneficial for health, but also appetizing.
- The market studied is yet to reach its potential growth in developing regions, where people are not completely aware of cereal bars and still consume traditional snack food items, like biscuits, chips among others.
- Globally, cereal bars made of granola and muesli are observing strong growth over the years, owing to its taste, nutritional value, and functionality. Cereal bars infused with organic ingredients, like dried fruits among others, are observed to be gaining demand during the forecast period.
Scope of the Report
Global Cereal Bar Market is Segmented by Product Type (Granola/Muesli Bars and Others); Distribution Channel (Convenience Stores, Supermarkets/Hypermarkets, Specialty Stores and Other Distribution Channels) and Geography.
Key Market Trends
Growth in Convenience Store Segment
Across the world, a vast majority of adult consumer cereal bars, with two-thirds of these interested in nutritionally beneficial bars. At present, stores are heavily flooded with all types of snack bars, like protein-rich bars, nutritious bars, gluten, and sugar-free bars, which attract various groups of consumers to convenience stores. Cereal bar addresses the need for on-the-go snack food products, which makes it one of the common items in convenience stores. There are consumers in the United Kingdom who consume products, labeled as “snacking on the go”, at least once a day. Americans consume bars during breakfast, lunch, and often with afternoon tea. These factors increase the sales and manufacturers reap the rewards of the same. To increase the market share, bar manufacturers are introducing varieties by including nuts, dried meats, flour, and other supplements, and protein-rich ingredients in the bars. This also results in the rise in sales of convenience stores.
North America Holds the Largest Share of the Market
The North American cereal bar market witnessed growth, owing to the consumers’ need for convenient and on-the-go snack options. Further, cereal and energy bars are the most popular snacks among adults in this region. New products, an increase in demand for low-fat cereal bars, the increasing popularity of on-the-go grab breakfasts, the change in snacking culture, and broad retail distribution that encourages both planned and impulse buying decisions are expected to be key drivers for the market studied in this region. The United States accounts for a share of 21% in the global market, with innovation in, and availability of, a wide range of products. Players, such as Kellogg’s, Nestle, General Mills, and Clif Bar and Co. adopt product-marketing strategies.
Major emerging market players targeting leading brands are making strategic acquisitions of the market leaders in the more mature and sophisticated markets. Acquiring these brands enables diversification and gives these players access to stable cash flows and further growth opportunities. The market studied witnesses high competition from a considerable number of regional small-medium scale players and major global players. Major players in the market are Kellogg’s, General Mills, and Nestle, among others.
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